Mumbai: King Of Indian Share Market, Business Tycoon, and Investor Rakesh Jhunjhunwala passed away at the age of 62. Few days before he was ill and discharged from the hospital three weeks ago. But Today (14.08.2022) morning he was brought dead to the Breach Candy Hospital in Mumbai.
Early Life and Career:
Rakesh Jhunjhunwala was born on 5th July 1960 in Hyderabad and brought up in Mumbai. His father was an income tax officer in Mumbai. Mr. Jhunjhunwala was married to Rekha Jhunjhunwala who was also a stock trader.
He was also a Chartered Accountant. Jhunjhunwala began fiddling with the stock market when he was in college. He enrolled at the Institute of Chartered Accountant of India yet in the wake of achieving the degree, he chose to dive head-first into Dalal street. In 1985, Jhunjhunwala invested just Rs 5,000 as capital. By September 2018, that capital had expanded to Rs 11,000 crore.
Then he never looked back. Rakesh Jhunjhunwala is frequently referred to as India’s own Warren Buffet. As per Forbes’ Rich List, Jhunjhunwala is the 48th richest man in the country. He is the chairman of Hungama Media and Aptech and sits on the directorate of firms, such as – Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.
His investments:
He procured his first big profit in 1986 when he purchased 5,000 shares of Tata Tea at Rs 43 and the stock rose to Rs 143 just in three months. He acquired more than three-times benefits. In three years, he earned 20-25 lakh. After the 2008 worldwide recession, his stock costs fell by 30% yet he in the end recuperated from the loss by 2012.
Jhunjhunwala run an exclusive stock exchanging firm called RARE Enterprises, whose RA refers to Rakesh and RE refers to his wife Rekha. He has invested in Titan, CRISIL, Aurobindo Pharma, Praj Industries, NCC, Aptech Limited, Ion Exchange, MCX, Fortis Healthcare, Lupin, VIP Industries, Geojit Financial Services, Rallis India, Jubilant Life Sciences, and the list goes on. In 2013, Jhunjhunwala bought 6 of the 12 units of Ridgeway apartments at Malabar Hill from Standard Chartered bank for Rs 176 crore. Later in 2017, he bought the other 6 apartments in the building from HSBC bank for Rs 195 crore. In 2021 he commenced the construction of his new 70000 square feet 13 storey home after the demolition of the old building.
As of 2021, his biggest investment was in Titan Company which is worth ₹7,294.8 crore. He was also an advisor to the India’s International Movement to Unite Nations. Rakesh Jhunjhunwala recently ventured into the aviation industry with Akasa Air which took flight on August 7.
Rakesh Jhunjhunwala’s net worth was $5.8 billion (Over Rs.40,000 Crore) as of August 2022.
The whole nation is shocked on his demise. PM Modi gave Condolence.
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